NFG vs NI: Correlation
Measured on weekly returns over the past three years, National Fuel Gas Company (NFG) and NiSource (NI) carry a correlation of 0.54, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NFG and NI?
On 3 years of weekly data the NFG/NI correlation comes out at 0.54, moderate. The link has loosened recently: the 1-year correlation (0.42) runs below the 3-year figure (0.54). The 5-year figure is 0.55, and annualized covariance runs at 192.6 %².
Few assets follow NFG as closely as NI, which ranks #2 of 13 tracked partners. Twelve-month performance is nearly a tie, at -2.6% for NFG and -0.9% for NI.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
NFG vs NI: side by side
| NFG (National Fuel Gas Company) | NI (NiSource) | |
|---|---|---|
| 1-year return | -2.6% | -0.9% |
| 5-year return | +87.6% | +94.6% |
| Volatility (ann.) | 20.0% | 17.8% |
| Beta vs S&P 500 | 0.10 | 0.26 |
| Max drawdown (3Y) | -20.9% | -16.7% |
| Market cap | $7.9B | $19.6B |
| P/E (trailing) | 11.6 | 21.9 |
| Dividend yield | 2.59% | 1.41% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | NFG | NI |
|---|---|---|
| 2022 | +1.9% | +2.7% |
| 2023 | -17.7% | +0.5% |
| 2024 | +25.4% | +43.5% |
| 2025 | +35.3% | +16.8% |
| 2026 | +4.8% | +0.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NFG and NI good diversifiers for each other?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NFG and NI?
As of 2026-08-27, the correlation of weekly returns between NFG and NI is 0.54 over 3 years, 0.42 over 1 year and 0.55 over 5 years.
Is NI a good diversifier for NFG?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.54 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nfg-vs-ni.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nfg-vs-ni/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NFG correlations · NI correlations
